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Nationalizations, bailouts and efficiency
International Monetary Fund, Washington, DC, United States.
Karlstad University, Faculty of Arts and Social Sciences (starting 2013), Karlstad Business School (from 2013). Institute for International Economic Policy, Bonn University, Bonn, Germany.ORCID iD: 0000-0003-3719-8594
2019 (English)In: Journal of Economic Policy Reform, ISSN 1748-7870, E-ISSN 1748-7889Article in journal (Refereed) Epub ahead of print
Abstract [en]

We develop a theoretical model in which there are public and private firms and a government. When firms become insolvent, the government can intervene with bailouts or nationalizations. The government only intervenes when the bankruptcy of a firm entails social costs. In this setting, we analyze how government interventions affect allocative and productive efficiency. Nationalizations of private firms after unprofitable investments lead to increased allocative efficiency despite private ownership. The effort level chosen by the managers and employees working for a firm is also affected by the possibility of government interventions, reducing the productive efficiency advantage of private firms.

Place, publisher, year, edition, pages
Routledge , 2019.
Keywords [en]
bailout, efficiency, nationalization, Privatization
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:kau:diva-71739DOI: 10.1080/17487870.2019.1566065Scopus ID: 2-s2.0-85062352280OAI: oai:DiVA.org:kau-71739DiVA, id: diva2:1302667
Available from: 2019-04-05 Created: 2019-04-05 Last updated: 2019-06-07Bibliographically approved

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Staal, Klaas

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf